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No, there is no such feature and no plans on implementing it... because it wouldn't make sense. The only thing the GeoIP database update does is download the new file from MaxMind and extract it to a specific location.

Assuming that your site's root is /var/www/mysite the following Bash (Linux command line) command would do the same thing:

wget "https://geolite.maxmind.com/download/geoip/database/GeoLite2-Country.tar.gz" -O - | tar zx -C /var/www/mysite/plugins/system/akgeoip/db

The command can be read as follows. Use WGet, one of the two tools commonly used to download stuff through the command line, to download the compressed file https://geolite.maxmind.com/download/geoip/database/GeoLite2-Country.tar.gz. Send its downloaded contents to the Linux standard output. Pipe (redirect) the standard output to tar, the most common Linux file archive tool. Instruct tar to treat the data it receives from standard output as a GZip compressed archive file and extract it. The extracted files are to be written under the directory /var/www/mysite/plugins/system/akgeoip/db.

CRON jobs let you run Bash commands on a schedule. Therefore you can just schedule the command I typed above. No need for us to reinvent a perfectly round wheel which has pretty much been in production since before I was born :)